Live cattle futures are showing steady trade on Friday, with contracts down 32 to 62 cents, as April fell $3.67 this week. Cash trade settled in at $234-236 live this week, with some $372 dressed. Feeder cattle futures posted a dime to $1.25 gains in the front months, with contracts down 42 to 75 cents. March was down $6.15 on the week. The CME Feeder Cattle Index was down another $3.83 to $360.97 on March 11.
The strike at the JBS plant in Greeley, CO moved forward this over the weekend, as the workers union went on strike.
CFTC data showed managed money cutting back 5,487 contracts from their net long position in live cattle in the week ending on March 10. They took that net long to 109,032 contracts. In feeder cattle futures and options, specs added just 114 contracts to their net long to 18,070 contracts.
Wholesale Boxed Beef prices were higher in the Friday afternoon report, with the Chc/Sel spread at $6.38. Choice boxes were up 83 cents to $397.92, while Select was 72 cents higher to $391.54. USDA estimated federally inspected cattle slaughter for this week at 525,000 head. That is up 4,000 from the previous week and 61,280 head shy of the same week last year.
Apr 26 Live Cattle closed at $230.900, down $0.350,
Jun 26 Live Cattle closed at $228.950, down $0.425,
Aug 26 Live Cattle closed at $226.825, down $0.450,
Mar 26 Feeder Cattle closed at $349.475, up $1.250,
Apr 26 Feeder Cattle closed at $343.100, up $0.100,
May 26 Feeder Cattle closed at $339.175, down $0.750,
